¢(PSDWtDRVLPSDWtD"

6LHPSUHVHKDGHIHQGLGRTXHODHPSDWtDFRQVWLWX\HXQRGHORVUHTXLVLWRVQHFHVDULRVSDUD
SRGHUHMHUFHUHOOLGHUD]JR6HFXHQWDQSRUFLHQWRVORVOLEURVTXHVHGHGLFDQDQXDOPHQWH
HQWRGRHOPXQGRDWUDWDUHVWDFXHVWLyQWDQGHFLVLYDSDUDFXDOTXLHUDTXHVHGHGLTXHDOD
LPSRUWDQWH \ GLItFLO PLVLyQ GH JHVWLRQDU \ GLULJLU HTXLSRV < QR OR HV PHQRV SDUD XQ
GLUHFWRUGHRUTXHVWD6LQHPEDUJR\RFUHRTXHPXFKRPiVLPSRUWDQWHTXHODHPSDWtD±\
PiVGLItFLOGHFRQTXLVWDU±HVODVLPSDWtD<GHHOORVHKDEODPX\SRFR0iVD~QORTXH
VH GLFH VH GLFH PDO +D\ TXLHQHV FRQVLGHUDQ HUUyQHDPHQWH TXH OD VLPSDWtD HV VyOR XQ
VXVWLWXWRSREUHGHODHPSDWtD4XHpVWD\QRODRWUDHVODLPSRUWDQWHSDUDHOGHVDUUROOR
GHODFRQFLHQFLDHPRFLRQDO
(OGLFFLRQDULRGHODOHQJXDGHILQHODHPSDWtDFRPR©LGHQWLILFDFLyQPHQWDO\DIHFWLYD
GHXQVXMHWRFRQHOHVWDGRGHiQLPRGHRWURª<HVWiELHQHVXQDYLUWXGLQGLVSHQVDEOH
SDUD HMHUFHU HO OLGHUD]JR \ SRVHH XQ YDORU LQGLVFXWLEOH 6LQ HPEDUJR D OD SULPHUD
DFHSFLyQ GH VLPSDWtD FRPR ©LQFOLQDFLyQ DIHFWLYD HQWUH SHUVRQDV JHQHUDOPHQWH
HVSRQWiQHD \ PXWXDª VH DxDGH RWUD ±H[WUDtGD GH OD FLHQFLD ItVLFD± TXH PH SDUHFH
IXQGDPHQWDOSDUDFRPSUHQGHUORTXHTXLHURGHFLU'LFHDVt©UHODFLyQHQWUHGRVFXHUSRV
RVLVWHPDVSRUODTXHODDFFLyQGHXQRLQGXFHHOPLVPRFRPSRUWDPLHQWRHQHORWURª

©+D\TXLHQHVFRQVLGHUDQHUUyQHDPHQWHTXHOD
VLPSDWtDHVVyORXQVXVWLWXWRSREUHGHODHPSDWtD4XH
pVWD\QRODRWUDHVODLPSRUWDQWHSDUDHOGHVDUUROOR
GHODFRQFLHQFLDHPRFLRQDOª


 /RV P~VLFRV HVWDPRV PX\ DFRVWXPEUDGRV D HVWH IHQyPHQR ItVLFRDF~VWLFR +D VLGR
DPSOLDPHQWH HVWXGLDGR \ GHVDUUROODGR D OR ODUJR GH OD KLVWRULD SDUD OD FRQVWUXFFLyQ GH
LQVWUXPHQWRV PXVLFDOHV 6L QRV ILMDPRV HQ XQD WLRUED ±XQD HVSHFLH GH OD~G GHO VLJOR
;9,±YHPRVFyPRDOJXQDVFXHUGDVGHOLQVWUXPHQWRVHSRQHQHQYLEUDFLyQSRUVLPSDWtD±
SRU XQD GHWHUPLQDGD VXSHUSRVLFLyQ GH RQGDV VRQRUDV± VLQ QHFHVLGDG GH SXOVDUODV
GLUHFWDPHQWH 3HUR OR PLVPR VH SXHGH REVHUYDU HQ OD PDTXLQDULD GH XQ SLDQR VL
OHYDQWDPRVORVDSDJDGRUHV±VLGHMDPRVODVFXHUGDVDODLUH±\JROSHDPRVVHFDPHQWHXQD
WHFOD&RPSUREDUHPRVTXHDOJXQDVGHWHUPLQDGDVFXHUGDVGHODPDTXLQDULDYLEUDUiQSRU
VLPSDWtDFRQHVHVRQLGRFRQHOTXHHVWiQHPSDUHQWDGDV
&UHR TXH HVWD FRQFHSFLyQ GH OD VLPSDWtD HQ VHQWLGR ItVLFR VH SXHGH H[WUDSRODU DO
PXQGR GHO WUDEDMR FRQ ORV LQVWUXPHQWLVWDV GH XQD RUTXHVWD &RPR YHPRV OD VLPSDWtD
JHQHUD XQD UHVSXHVWD QHFHVDULD LQPHGLDWD \ DXWRPiWLFD QR SXHGH VHU SURYRFDGD GH
PDQHUDDUWLILFLDO3RUHVRODVLPSDWtDVLHPSUHHVVLQFHUDDXWpQWLFD
(QVXSRHPDULR(OUD\RTXHQRFHVD0LJXHO+HUQiQGH]GHGLFDXQDVHQWLGDHOHJtD±XQ
FDQWRI~QHEUH±DVXDPLJR5DPyQ6LMpPXHUWRSUHPDWXUDPHQWHHQOD1DYLGDGGH
/DGHGLFDWRULDGHOSRHPDGLFHDVt

(Q2ULKXHODVXSXHEOR\HOPtR
VHPHKDPXHUWRFRPRHOUD\R5DPyQ6LMp
FRQTXLHQWDQWRTXHUtD

&RPRVHYHDTXtHODIHFWRYHUGDGHURQRFRQVLVWHWDQWRHQTXHUHUDFRPRHQTXHUHUFRQ
&XDQGRTXLHURGHYHUGDGDXQDSHUVRQDHQWRQFHVQRVyORKDQGHLQWHUHVDUPHVXVFRVDV
VXVSUHRFXSDFLRQHVHLOXVLRQHVHVWRHVPXFKRSHURHVSRFR$SDUWLUGHHVHPRPHQWR
VXVFRVDVVRQWDPELpQPtDV
&UHRTXHpVWDHVODGLIHUHQFLDHVHQFLDOHQWUHODHPSDWtD\ODVLPSDWtD1RVHWUDWDGH
FRPSUHQGHU OR TXH HO RWUR R OD RWUD VLHQWHQ VLQR GH VHQWLU FRQ pO R FRQ HOOD 3DUD
FRQVHJXLUHVWRHVSUHFLVRUHODWLYL]DUORVSURSLRVSUREOHPDV\DEULUVHFRQJHQHURVLGDGD
ORVGHODRWUDSHUVRQD<DXQTXHSXHGDSDUHFHUH[WUDxRHOKHFKRGHLQWHUHVDUPHGHYHUDV
SRUVXVSUREOHPDVKDFHTXHPHROYLGHGHORVPtRVKDVWDHOSXQWRGHTXHPXFKDVYHFHV
GHMDQGHH[LVWLU
/R LOXVWUDUp FRQ XQD DQpFGRWD SHUVRQDO 8Q FLHUWR GtD FDPLQDED\R SRU HO PDGULOHxR
3DVHRGHOD&DVWHOODQDFRQHOFHxRIUXQFLGRODFDEH]DJDFKD\HOURVWURPDUFDGRSRUXQD
VHULH GH SUHRFXSDFLRQHV TXH URQGDEDQ SRU PL PHQWH 'H SURQWR VH GLULJLy D Pt XQ


KRPHOHVVVXEVDKDULDQR\WXOOLGR±SDGHFtDXQDPDOIRUPDFLyQHQODVSLHUQDV±TXHSHGtD
OLPRVQDHQXQEDQFRGHODFDOOH(QHVDRFDVLyQQRPHSLGLyQDGDVRODPHQWHPHGLMR
©£9DPRVKRPEUHDOHJUDHVDFDUDTXHQRSDVDQDGD«ª&UHRTXHODOHFFLyQTXHPHGLR
DTXHOEXHQKRPEUHQRVHPHERUUDUiQXQFDGHODPHPRULD

©>«@HODIHFWRYHUGDGHURQRFRQVLVWHWDQWRHQTXHUHUD
FRPRHQTXHUHUFRQ&XDQGRTXLHURGHYHUGDGDXQD
SHUVRQDHQWRQFHVQRVyORKDQGHLQWHUHVDUPHVXV
FRVDVVXVSUHRFXSDFLRQHVHLOXVLRQHVHVWRHVPXFKR
SHURHVSRFRª

(IHFWLYDPHQWH QR SDVD QDGD 3RU JUDYHV TXH SXHGDQ SDUHFHU PLVSUREOHPDV QR VRQ
QDGD FRPSDUDGRV FRQ ORV GH pO R ORV GH WDQWD RWUD JHQWH 5HDOPHQWH VRPRV SRFR
FRQVFLHQWHVGHORLPSRUWDQWHTXHHVFRQWDUFRQSHUVRQDVVRQULHQWHVDQXHVWURDOUHGHGRU
£(VWDQSURIXQGDPHQWHKXPDQRHOTXHGHVHHPRVVHQWLUQRVFRPSUHQGLGRV\TXHULGRV
(Op[LWRGHXQDRUTXHVWDGHVFDQVDHQJUDQPHGLGDHQHVWDLQVLJQLILFDQWHFXHVWLyQ1R
HVLUUHOHYDQWHSRUWDQWRTXHHOGLUHFWRUFRQR]FDORPHMRUSRVLEOHDVXVLQVWUXPHQWLVWDV\
FRODERUDGRUHV VXV QRPEUHV VXV FLUFXQVWDQFLDV SHUVRQDOHV VXV SUHRFXSDFLRQHV
IDPLOLDUHV(VFRPSHWHQFLDVX\DHOPDQWHQHUXQDHVSHFLHGHYLJLODQFLDLQWHOLJHQWHFRQOD
TXHKDGHREVHUYDUHQWRGRPRPHQWRDOHTXLSRTXHOHFRUUHVSRQGHOLGHUDU
3HURORPLVPRKDGHGDUVHHQWUHFROHJDV(QDOJXQDRFDVLyQPHKDQKDEODGRGHDOJXQD
RUTXHVWD ±TXLHUR SHQVDU TXH HV XQD H[DJHUDFLyQ± HQ OD TXH HO IODXWD VROLVWD QXQFD KD
FUX]DGRXQDVRODSDODEUDFRQHORERHRFRQHOFODULQHWHFXDQGROOHYDQDxRVWUDEDMDQGR
MXQWRVDPHQRVGHGRVPHWURVGHGLVWDQFLD
8Q GLUHFWRU GH RUTXHVWD FXDOLILFDGR QR GHEH SHQVDU TXH WUDEDMD FRQ P~VLFRV HQ
JHQHUDO WUDEDMD FRQ HVWRV P~VLFRV &DGD XQR FRQ VX IRUPD GH VHU VHJXUDPHQWH PX\
GLVWLQWD GH OD QXHVWUD < HVWR HV IDQWiVWLFR 6L WRGDV ODV SHUVRQDV IXHUDQ FRPR VRPRV
QRVRWURV ±R FRPR D QRVRWURV QRV JXVWDUtD TXH IXHUDQ± HQWRQFHV QR QRV DSRUWDUtDQ
SUiFWLFDPHQWHQDGD&RQRFHUtDPRVSHUIHFWDPHQWHWRGDVVXVUHDFFLRQHVWRGRVVXVJHVWRV
WRGDV VXV UHVSXHVWDV £6HUtD WRGR WDQ DEXUULGDPHQWH SUHYLVLEOH (V OD LQWHUDFFLyQ \ OD
SXHVWDHQFRP~QORTXHQRVHQULTXHFHHQRUPHPHQWH


 0XFKDV YHFHV HO JUDQ IDOOR TXH FRPHWHQ PXFKRV GLUHFWRUHV GH RUTXHVWD HV TXH QR
WLHQHQ HQ FXHQWD XQD FXHVWLyQ WDQ HOHPHQWDO FRPR pVWD (Q XQD FODVH GH GLUHFFLyQ HO
SURIHVRUFRUUHJtDDXQDOXPQRHQORVVLJXLHQWHVWpUPLQRV©6HSHUFLEHFODUDPHQWHTXHQR
HVWiV HVFXFKDQGR D OD RUTXHVWD 6p SHUIHFWDPHQWH TXH HVWDEDV PHWLGR GH OOHQR HQ OD
P~VLFD UHVXOWDED HYLGHQWH SRU HO SRGHU GH WX FRQFHQWUDFLyQ \ OD EHOOH]D GH WXV
PRYLPLHQWRV 3HUR QR FUHR TXH HVWXYLHUDV HVFXFKDQGR UHDOPHQWH D HVWRV P~VLFRV TXH
HVWiQWRFDQGRDTXt\DKRUD<VLQRORKDFHVHOORVVHGDUiQFXHQWD\QXQFDFRQVHJXLUiV
TXHWRTXHQSDUDWLª
6H WUDWD GH XQ GHWDOOH PX\ VXWLO LPSHUFHSWLEOH SDUD XQ REVHUYDGRU GHVSLVWDGR 6LQ
HPEDUJR OD RUTXHVWD OR FDSWD GH PDQHUD LQPHGLDWD $O QR VHQWLUVH LQYROXFUDGRV
SHUVRQDOPHQWH HQ HO SUR\HFWR QXQFD VH HQWUHJDUiQ D pO /D FRODERUDFLyQ HQWUH ORV
LQWHJUDQWHVGHXQDRUTXHVWDQXQFDSXHGHVHUXQDPHUD\IUtDFRRSHUDFLyQHVWULFWDPHQWH
SURIHVLRQDOVLVHTXLHUHTXHHVHJUXSRIXQFLRQHGHYHUDV6LHPSUHH[LJHODSDUWLFLSDFLyQ
SHUVRQDO\FHUFDQD0HGLDQWHODVLPSDWtD\HOWUDWRDIHFWXRVRXQRVFRQRFHQ\FRPSDUWHQ
ORVLQWHUHVHV\QHFHVLGDGHVGHORVRWURVVHFRPSUHQGHQ\UHVSHWDQVXVYDORUHV\VHFUHD
GHQWUR GHO HTXLSR XQ FOLPD GH FRPXQLFDFLyQ \ GH FRPSURPLVR (Q XQD SDODEUD VH
HVFXFKDQ GHQWUR \ IXHUD GHO HVFHQDULR 8QD SHUVRQD TXH VH VDEH FRPSUHQGLGD SXHGH
WUDEDMDU ELHQ SHUR XQD SHUVRQD TXH VH VLHQWH TXHULGD VLHPSUH YD D GDU OR PHMRU GH Vt
PLVPD

©(VSUHFLVROLEUDUXQDJXHUUDVLQFXDUWHOFRQWUDODV
FDUDVODUJDV\ORVPRGDOHVEUXVFRV3HURHVWRQRHV
VHQFLOOR$XQTXHVRQUHtUVHDJUDWXLWRFXHVWDPXFKR
SRUTXHHVIUXWRGHODDXWRVXSHUDFLyQSHUVRQDOª

(O GLUHFWRU GH RUTXHVWD K~QJDUR *HRUJ 6ROWL WXYR QXPHURVRV GHVHQFXHQWURV FRQ OD
2UTXHVWD )LODUPyQLFD GH 9LHQD XQD GH ODV PHMRUHV IRUPDFLRQHV GH WRGRV ORV WLHPSRV
0XFKRV DxRV GHVSXpV UHFRQRFtD KXPLOGHPHQWH OR VLJXLHQWH ©3DUWH GH ODV GLILFXOWDGHV
TXH WXYH FRQ OD )LODUPyQLFD GH 9LHQD IXHURQ SRU PL FXOSD $XQTXH WHQtD FXDUHQWD \
FLQFRDxRVVyOROOHYDEDRQFHGHH[SHULHQFLDVyOLGDHQODGLUHFFLyQGHRUTXHVWD$~QQR
KDEtD DSUHQGLGR TXH FRPR GLUHFWRU XQD GH OD SULQFLSDOHV WDUHDV QR HV SODVPDU D WRGD
FRVWD HO SURSLR VHOOR HQ WRGR FXDQWR KDFHV VLQR HVFXFKDU +R\ VL XQD RUTXHVWD PH GD


DOJRTXHHVPHMRUTXHORTXH\RWHQtDHQODFDEH]DORUHFRQR]FRFRQDJUDGHFLPLHQWR\OR
DGRSWRKDFHFXDUHQWDDxRVQRFRPSUHQGtDHVWRª
$XQTXHHVWiGHPRVWUDGRTXHHVWDDFWLWXGUHSRUWDPHMRUHVUHVXOWDGRVQRGHEHREHGHFHU
SULQFLSDOPHQWHDXQDWiFWLFD(VHYLGHQWHTXHFXDQGR HODPELHQWHGHWUDEDMRVHYXHOYH
PHQRVVLPSiWLFR\PiVLPSHUVRQDOORVP~VLFRVVHLPSOLFDQPHQRVHQHOSUR\HFWR(Q
HVRVFDVRVVHFRUUHHOSHOLJURGHTXHHOLQVWUXPHQWLVWDVHOLPLWHDKDFHUORHVWULFWDPHQWH
LPSUHVFLQGLEOH(OWUDEDMRVHGHVDUUROODHQWRQFHVH[FOXVLYDPHQWHFRPRPHGLRSDUDJDQDU
HO GLQHUR VXILFLHQWH FRQ HO TXH FXEULU ODV QHFHVLGDGHV R ORV FDSULFKRV TXH GH YHUGDG OH
DJUDGDQDXQR7RGRORGHPiVSDVDDXQVHJXQGRSODQR/DVFRQVHFXHQFLDVGHWRGRHVWR
VXHOHQVHUODLQVDWLVIDFFLyQODDOLHQDFLyQ\XQSRVRGHDPDUJXUDTXHSRFRDSRFRORYD
LQYDGLHQGRWRGRLQFOXLGDVODVUHODFLRQHVSHUVRQDOHV\IDPLOLDUHV/DLQFRPXQLFDFLyQ\OD
DQWLSDWtDGHVWUX\HQDOHTXLSR
(VSUHFLVROLEUDUXQDJXHUUDVLQFXDUWHOFRQWUDODVFDUDVODUJDV\ORVPRGDOHVEUXVFRV
3HURHVWRQRHVVHQFLOOR$XQTXHVRQUHtUVHDJUDWXLWRFXHVWDPXFKRSRUTXHHVIUXWRGH
ODDXWRVXSHUDFLyQSHUVRQDOGHODH[LJHQFLDFRQODTXHKHPRVGHSURFXUDUOLPDUQXHVWUDV
DULVWDV \ DGHFXDUQRV D OD DUPRQtD GHO FRQMXQWR 1R KD\ FRPR VHQWLUVH HQ FDVD HQ XQ
DPELHQWHVLQHVWULGHQFLDVGHDPDEOHFRQYLYHQFLDSDUDTXHFDGDXQRDSRUWHORPHMRUGH
VtTXHVXHOHVHUPXFKR(QXQDRUTXHVWDHVWDGLItFLOODERUFRUUHVSRQGHSULQFLSDOPHQWHDO
GLUHFWRUPXVLFDO
'HWUiV GH XQD H[FHOHQWH RUTXHVWD ±FRPR %HUOtQ 9LHQD 1XHYD <RUN R $PVWHUGDP±
FX\RVUHVXOWDGRVVDOWDQDODYLVWDVLHPSUHKD\XQJUDQLQVSLUDGRU$OJXLHQTXHQRKDGH
TXHUHUDVXVP~VLFRVVLQRGHTXHUHUFRQHOORV

$XGLFLyQUHFRPHQGDGD

$1721Ë1'92ěÈ.
6LQIRQtDQžHQ5HPHQRURS
HU0RYLPLHQWR6FKHU]R9LYDFH
>(QODFH@

(OFRPSRVLWRUFKHFR$QWRQtQ'YRĜiNHVFULELyVX6pSWLPD6LQIRQtDSRUHQFDUJRGHOD
6RFLHGDG )LODUPyQLFD GH /RQGUHV 6LQ HPEDUJR OR TXH SXVR HQ PDUFKD VX JHQLR


FUHDGRUQRIXHWDQWRHVWDFLUFXQVWDQFLDFRPRODIDVFLQDFLyQTXHOHKDEtDSURYRFDGRHO
HVWUHQR GH OD 7HUFHUD 6LQIRQtD GH VX DPLJR -RKDQQHV %UDKPV HQ 9LHQD 6H SURSXVR
HQWRQFHVFRPSRQHUXQDREUDHTXLSDUDEOH<ORFRQVLJXLy
/DVLQIRQtDHVJHQLDOGHSULQFLSLRDILQDXQTXHQRVHDWDQFRQRFLGDHLQWHUSUHWDGD
FRPROD2FWDYDROD1RYHQDOODPDGD©'HO1XHYR0XQGRª&XDQGR'YRĜiNFRPSXVR
VXPRYLPLHQWROHQWR±HOVHJXQGR±DxDGLyDSLHGHSiJLQDODVHQWHQFLD©GHVGHORVDxRV
WULVWHVªUHILULpQGRVHFRQWRGDSUREDELOLGDGDODUHFLHQWHPXHUWHGHVXPDGUH
(OPRYLPLHQWRTXHQRVRFXSDHVXQ6FKHU]R GRWDGR GH XQ LPSUHVLRQDQWH SRGHUtR
UtWPLFR 3RVHH XQ DLUH GH GDQ]D UiSLGD FRQ JUDQ LQIOXHQFLD GH OD P~VLFD SRSXODU
HVODYD &RPLHQ]D FRQ HO WHPD LQWHUSUHWDGR SRU OD VHFFLyQ GH FXHUGD TXH
LQPHGLDWDPHQWHLPLWDUiHOYLHQWRSDUHFHFRPRVLVHIXHUDQSHUVLJXLHQGRXQRVDRWURV
HQXQDYHUWLJLQRVDFDUUHUD'YRĜiNFRPELQDPDJLVWUDOPHQWHORVDFHQWRVFUHDQGRXQRV
LQWHUHVDQWHVFKRTXHVGHEORTXHVUtWPLFRVUHIRU]DGRVHQPXFKRVFDVRVSRUORVDWDTXHV
GHORVWURPERQHV±ODDUWLOOHUtDSHVDGDGHODRUTXHVWD±ODVWURPSHWDV\HOWLPEDO(VWH
WHUFHU PRYLPLHQWR SUHVHQWD XQD SDUWH FHQWUDO PiV WUDQTXLOD \ TXHGD ±TXH IXQFLRQD
FRPR FRQWUDVWH± DQWHV GH SUHSDUDU OD UHDSDULFLyQ GHO WHPD LQLFLDO \ VX HVWUHSLWRVR
ILQDO